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6 Tips for Buying a Condo

6 Tips for Buying a Condo

The process of buying a condominium is very similar to that of purchasing a single family home. Whether you’re casually interested in buying a condo or consider it your essential next step, the six tips described below will help to ensure you encounter no unpleasant surprises during your purchase.

1. Square Footage

Scan through the condo’s layouts and specs to be clear on the flooring measurements. Do they only include the livable space inside the condo, or is conditional floor area (enclosed space in the walls and floors) included in the square footage? Identify where the condo’s borders are and make sure its factor label is acceptable.

2. Insulation & Energy

Check with the builder about the quality of the unit’s build. Ask if anything has been done to reduce the transfer of noise between individual units, and whether the units are properly heated, cooled, and ventilated. Also inquire about the energy efficiency of the unit, and whether any environmental factors were taken into consideration during its build.

3. Unobstructed Views

Ask the builder or city if there any anticipated new constructions near your condo. Is your site part of a bigger housing complex? Are any tall buildings or high-rises scheduled to be built which might substantially alter your unit’s view?

4. Other Fees

Know exactly what the final cost includes in order to compare the purchase price with other condos. For instance, are any special amenities like pools or fitness rooms included? Do other fees outside of the purchase cost exist that you need to know about? Are utilities like water, garbage, and electricity billed separately, or are they included in the month-to-month condo fees?

5. Warranty

Find out if the condo has a builder’s warranty to guarantee that it’s been satisfactorily built and complies with all pertinent laws. Look specifically at what is included in the warranty and how long it’s valid. Protection for important structural elements may last for up to seven years following the building’s construction.

6. Condo Docs

Ask the builder for the condominium documents. The information in these documents will outline the rules, policies, and financial status of the condo before you purchase. It contains an overview of the condo’s amenities, any regulatory materials, and the unit’s post-registration budget, just to name a few things.

Buying a condo in Edmonton is just as involved a process as buying a house or other type of real estate, and it can be just as richly rewarding as well. Following the tips described above will go a long way toward ensuring that you end up with a high-quality unit and don’t get stuck with any unexpected costs or inconveniences.

 

Photo credit: condo building

About The Author

Jeff S.

Proud father and husband. Loves music, Nine Inch Nails, UFC and inbound marketing.

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